Earnings Per Share

12 Months Ended

Sep. 30, 2020

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding and restricted stock grants that vested or are likely to vest during the period. Diluted earnings per share is calculated by dividing income available to common shareholders by the weighted average number of basic common shares outstanding, adjusted to reflect potentially dilutive securities. Diluted earnings per share is calculated using the treasury stock method.


	(in thousands)
	Year Ended
	September 30,
	2020		2019
Numerator:
Net income	$	7,114	$	5,324
Denominator:
Denominator for basic net income per share - weighted-average outstanding shares	12,282		12,018
Effect of dilutive securities:
Stock options and restricted stock	823		1,023
Denominator for diluted net income per share - weighted-average outstanding shares	13,105		13,041
Net income per share - basic	$	0.58	$	0.44
Net income per share - diluted	$	0.54	$	0.41